The CEO Of Nvoicepay Talks About The Future Of Accounts Payable Technology

Payments solutions and financial technology advancements represent the core of business for Oregon-based Nvoicepay and its co-founder, Karla Friede.

The diehard college football fan, mother and successful executive recently spoke with Benzinga about her company, financial technology and the future of accounts payable technology.

The Company

Founded in 2009, Nvoicepay streamlines the process of accounts payable invoices through the use of electronic payments. These processes drastically reduce AP costs and generate new revenue by seemingly transparent means, according to the company's website.

“It’s really simple, actually,” Friede told Benzinga. “We transform the way enterprises pay their domestic and international suppliers. We offer an intelligent payments automation solution that's built from the most complex enterprises. Today B2B is a lot different than the world of consumer payments.”

The Future

Business-to-business payments are significantly more substantial than consumer payments, amounting to a market of $26 trillion in size, according to Friede.

“I think the next generation payment automation solutions have only penetrated the market about 5 percent," she said. "The market is using some early bank-based or card-based solutions and those haven’t helped the problem, they have actually made it worse.”

Karla Friede. Courtesy photo.

In the next five years, Friede anticipates an acceleration in the market with Nvoicepay picking up steam and market share along the way, through the help of increased partnerships and bolstered sales force.

The Industry

Among the influx of financial technology and the increasingly competitive landscape, Nvoicepay offers businesses a more consumer-like experience.

“All a business has to do is tell us who to pay, decide when to pay it and we do the rest. In payments, we’re leading the category into this new space and we’ve defined the category in payment automation.”

For Friede, the decision to create these services was rather straightforward: “It’s a very simple idea. This is a huge market and it doesn’t have to be this hard. We came at it with a technology solution in mind and I think that simple start has led us to different decisions and more comprehensive solutions.”

As of April, Nvoicepay announced an annual growth of 105 percent, in addition to 500,000 active suppliers.

Related Links:

Coupa Software Teams Up With Nvoicepay To Make B2B Payments 100% Electronic

The Rise Of The Global Payments Ecosystem